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Home maintenance costs exacerbate the mortgage crisis

Recent data from Rightmove has revealed increased confidence among buyers as the UK property market experienced the biggest New Year bounce since 2016, with demand increasing by 55pc this month, compared with the two weeks before Christmas. Experts attribute this growth to falling mortgage rates expected to strengthen the housing market in the second half of 2023.

Despite this, Nationwide revealed on Friday that UK mortgage costs have risen to the highest proportion of people’s income since the financial crisis, whilst rates remain above pre-pandemic levels. Britons buying their first property will be the most affected by this, but existing homeowners with a variable or fixed mortgage deal coming to an end could also be impacted by rising rates. As soaring mortgage rates slash homeowners’ incomes, Livlet – the UK’s leading home management platform – outlines extra costs Brits could be facing in home maintenance repairs:

Damp – This may be simple to fix by keeping the property warm and well-ventilated and using a dehumidifier. If damp-proofing is required, this costs around £2,750.
Electrical issues – An Electrical Installation Condition Report is highly recommended if the property’s electrics haven’t been checked in the last ten years. A total rewires costs around £4,000.
Faulty drainpipes – Sagging, overflowing gutters, no overflow from the downpipe and damp walls or roof leaks are all signs of a problem. The price to replace drainpipes and gutters is around £650.
Flat roofing – Often used on small extensions and garages, if your survey highlights considerable wear and tear, you’ll need to replace it with a specialist who’ll provide a warranty. The price of a replacement flat roof is around £1,200.
Insulation problems – If you think a property has insulation issues, ask for the Energy Performance Certificate (EPC) to give you an idea of how the house is insulated. The cost of upgrading insulation is likely to be around £1,500.
Japanese knotweed and other invasive plants – The UK’s most notorious plant causes damage to buildings by growing through cracks in concrete, drains and paved driveways. Its reputation is exaggerated (it’s no more damaging per se than many other florae – the problem is that it’s so hard to kill). The price for professional removal will generally be around £3,000.
Roof issues – Prices vary depending on what needs fixing and start from about £100 to replace up to six broken tiles. To completely re-tile the roof on a three-bedroom house the cost is around £7,000.
Structural movement and subsidence – Tell-tale signs include cracks in ceilings and walls. While cracks in plaster are relatively common, it’s wise to ask an expert to take a look before you put down an offer. The price for fixing typical structural issues is around £13,500.
Woodworm and a beetle infestation – Wood-boring insects can be a major issue in properties with timber frames, such as period properties or barn conversions. The cost to treat and repair is around £1,000.

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